MKTG 3596 Lecture Notes - Lecture 2: Decision Tree Learning
Document Summary
Big data: gather/store data derive insight make decisions measure impact, required: strategic/ analytical mindset. Marketer broadcasts message via tv, radio, or print. Marketer does not track this information: analytic approach: Marketer chooses certain consumers from database to receive message/offer by mail, phone or email. Marketer records who responds, how much purchased, etc. and updates database. Marketer calculates profitability of offer and customer. Knowing who your best customers or prospects are, knowing what they want, and giving it to them. The results should be: higher response rates and more profits for the firm. Fulfillment files: whenever someone places an order, ex. shipping address, track #, etc, closes once product shipped. Marketing database: similar to fulfillment files but keeps a history. Prospecting database: do not have these customers yet. Data can be obtained from: in house customer files ( house data", external suppliers ( enhancement data") Gathered and aggregated from external sources (e. g. , public records)
